The Federal Government has unveiled a USSD-based consumer credit service that will enable Nigerians to access loans through basic mobile phones without internet access or smartphones.
The service, known as SPARK, was introduced by the Nigerian Consumer Credit Corporation (CREDICORP) as part of efforts to expand access to credit, particularly for first-time borrowers with little or no formal credit history.
The designated USSD code for the service is *347*333#.
However, the corporation has yet to confirm that the platform is fully operational nationwide, urging interested Nigerians to await its wider rollout, which is expected before the end of 2026.
According to reports on Monday, the initiative was unveiled during CREDICORP’s CREDICORP for All showcase in Aba, Abia State.
The event brought together more than 1,000 residents, beneficiaries, financial institutions, local vendors and government representatives to demonstrate how consumer credit could support livelihoods and economic growth.
CREDICORP said the initiative would allow borrowers to establish repayment records, potentially improving their credit profiles and increasing their chances of accessing other financial services in the future.
The corporation’s broader consumer credit programmes cover several essential needs, including food and beverages, healthcare, clothing, furniture, household appliances, building materials and energy solutions such as generators and solar panels.
Other areas include digital devices, such as laptops, smartphones and tablets, as well as mobility options involving compressed natural gas and electric vehicles.
However, CREDICORP has not confirmed whether all these categories are currently available for financing through SPARK specifically.
Speaking at the event, the corporation’s Managing Director and Chief Executive Officer, Uzoma Nwagba, said consumer credit should be accessible to Nigerians beyond those already served by conventional financial institutions.
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He said the initiative was designed to provide market women with credit opportunities, give young people a financial head start, support transport operators with productive assets and help Nigerians build credit histories through SPARK.
Nwagba added that the programme was intended to make credit more accessible and beneficial to ordinary citizens.
Representing Abia State Governor Alex Otti, the governor’s chief principal, Chinenye Mba-Uzoukwu, said the state government was creating an enabling environment for businesses to thrive and responsible lending to reach more residents.
She noted that improved conditions for enterprise would help initiatives such as CREDICORP support traders, young people and working families across the state.
Similarly, the Managing Director of the Ministry of Finance Incorporated and CREDICORP board member, Armstrong Ume Takang, said the programme demonstrated how public investment could stimulate businesses, support local manufacturers and deliver economic benefits to citizens.
CREDICORP disclosed that it had facilitated more than ₦53.5bn in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for approximately 59 per cent of beneficiaries.
The corporation said the initiative formed part of its broader efforts to deepen consumer credit access and support economic participation across the country.
Prospective borrowers, however, should note that SPARK is a loan service, not a grant. Recipients will be required to repay any credit obtained under the agreed terms.
Details regarding loan limits, interest rates, repayment periods and comprehensive eligibility requirements have yet to be fully disclosed.
Nigerians have also been advised to exercise caution when dealing with unofficial agents or websites demanding upfront payments in exchange for guaranteed loan approval.